Binance has begun winding down services for European Union users ahead of the bloc’s July 1 Markets in Crypto-Assets (MiCA) transition deadline, after withdrawing its licence application in Greece. The world’s largest exchange has started advising affected EU customers to move their funds to self-custodial wallets or rival platforms, marking one of the first major operational shifts triggered by Europe’s new crypto framework.
Greece Withdrawal Triggers Outflows
Binance withdrew its MiCA licence application from Greece’s securities regulator on Wednesday, and the move coincided with a sharp pickup in withdrawals. According to DefiLlama data reviewed by Cointelegraph, the exchange recorded more than $400 million in net outflows during the week beginning June 22, leading all tracked exchanges.
The outflows accelerated on the day of the Greece withdrawal, reaching $1.96 billion on Wednesday, followed by $2.52 billion and $1.46 billion over the next two days. In context, however, the weekly figure represents just 0.3% of Binance’s $133.3 billion in tracked assets, or 0.35% excluding its native BNB token. Billion-dollar daily swings are not unusual for Binance, and early data shows no clear sign of a mass user exodus.
What Changes for EU Users
From July 1, Binance is halting onboarding for new EU users and limiting certain services for existing EU-based accounts. The exchange has said users will retain the ability to withdraw their assets after that date, with all digital assets remaining available for withdrawal under applicable regulatory requirements.
A Binance representative told Cointelegraph that restrictions vary depending on users’ jurisdictions, and that no action is required for users not served through a locally registered entity. The guidance follows a June 23 statement from the European Securities and Markets Authority (ESMA) that crypto service providers not authorised by July 1 must take “immediate steps” to wind down EU activities, limiting their services to letting users sell, transfer, or close positions.
Binance Says It Remains Committed to Europe
Despite the setback, Binance’s public messaging is that it intends to keep pursuing a MiCA licence even after missing the July 1 deadline. “As for Binance and Europe, we take this market seriously,” co-founder Yi He said on Friday. “It’s a small part of our business, but an important one, and we’re committed to the EU and our customers there.”
That framing aligns with earlier analysis from CryptoQuant’s Maartunn, who noted that euro-denominated trading accounts for only about 1% of Binance’s spot volume, limiting the direct financial impact of any MiCA-related disruption even as the symbolic weight of the largest exchange exiting under enforcement lands across the sector.
Rivals Court Departing Users
Other exchanges have moved to attract Binance’s EU customers. OKX, which received MiCA authorisation in Malta in January 2025, recorded $285.5 million in net inflows over the same period. It ranked third in weekly net inflows behind Bitget at $710 million and Bitfinex at $400 million, though neither of those two appears on ESMA’s interim MiCA register. MiCA-licensed providers including Revolut have also been actively seeking new EU users ahead of the deadline.
